Metaplanet to take 93.7% stake in Super League through 2,100 BTC deal

Shareholders of Super League, a Nasdaq-listed gaming and digital media company, approved a deal that would give Japanese Bitcoin treasury firm Metaplanet a 93.7% ownership stake, paving the way for its expansion into US capital markets through a publicly traded Bitcoin treasury company.According to a Monday announcement and filing with the US Securities and Exchange Commission (SEC), shareholders approved the issuance of as many as 435.9 million common shares under agreements involving Metaplanet and Evo Fund. Metaplanet will contribute 2,100 Bitcoin (BTC) and $2.5 million in cash in exchange for 44.86 million common shares, 100 shares of convertible perpetual preferred stock carrying governance rights and 10-year warrants for additional common stock.The transaction would give Metaplanet control over the company, including the ability to designate a majority of its board and approve major corporate decisions. Metaplanet’s common shares will be subject to a five-year lock-up.As part of the deal, Super League plans to rebrand as Superplanet and adopt the Nasdaq ticker SUPA, with a strategy focused on increasing its Bitcoin holdings per share.Rather than relying primarily on debt, Sup...